Mr. Goschen produced his great scheme for the conversion of
the National Debt on Friday, and, of coarse, we have had no time to study it attentively. It is, however, at first sight, a broad scheme, most carefully considered. Mr. Goschen con- verts the whole Debt, "New," "Reduced," and Consols, or £538,000,000 in all, into a single stock at 22 per cent., holders of Consols, however, obtaining a bonus of 5s. per cent, as a bribe to convert at once. The interest on the new stock will be paid quarterly. This stock is guaranteed against reduction for fifteen years, but will then be exchanged for 21, per cent, stock, guaranteed in its turn for twenty years. Besides the regular argument for conversion, Mr. Goschen produced a mass of evidence showing the steady rise in the value of all good stocks, and the strong preference of the market for stocks which are irredeemable. He hinted, too, that his Budget would show an excellent condition of the Treasury. His proposal was not debated, but Mr. Gladstone criticised it in a most generous manner, equivalent to a provisional acceptance, and the necessary Bill will be brought in upon Friday next.
